Lucky Number 7? Bitcoin Closes Six Consecutive Weeks Below $7,500

Tony "The Bull" Severino

5 years ago

2 mins read

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While much of the world may have been tuned into the 77th Golden Globes awards to see who took home the award for Best Motion Picture, Bitcoin investors couldn’t take their eyes off the weekly candle close last night.

The first-ever cryptocurrency has been stuck in a downtrend for months, and last night’s close was bull’s best opportunity to close out the week on a bullish note. But instead, Bitcoin closed its sixth consecutive week in a row under the critical resistance level of $7,500.

Bitcoin Closes Six Weeks in a Row Under Critical Resistance Level of $7,500

Bitcoin price has been falling since June, with very few signs that the leading crypto asset by market cap is ready to reverse. After a third retest of lows was swiftly defended by bulls earlier in the week, it gave hope that the weekly close last night could be the first in over a month to close above the key level of $7,500.

However, a short-lived selloff kept the price at bay leading up to the important weekly close, falling short of $7,500 for the sixth straight week in a row.

Six weeks of trading below a resistance level with multiple failed attempts doesn’t appear to be very bullish for Bitcoin and the crypto market, however, altcoins have been breaking out today, suggesting that BTC could soon follow.

Bitcoin is currently trading at around $7,530, trying to make its way through the overhead resistance and break higher.

BTC Building a Base, Almost Ready for Liftoff Into New Bull Market

While things do look bleak for bulls, repeatedly failing to break and close above $7,500 on weekly timeframes, the asset is currently trading above that price, and after sending those six weeks below $7,500 building a base, support could end up being stronger than the resistance, and one side will eventually give way causing this week’s close to be lucky number 7.

Former IMF economist Mark Dow had been advocating for crypto traders to wait for such a base to be built – much like the base it built back when it bottomed at the bear market low trading range around $3,000. At that time, many tests of support held up, and eventually, resistance failed, causing the asset to skyrocket.

If Bitcoin is once again building a base and readying a breakout, the bull run may be back on. The last time this occurred, Bitcoin rallied from $3,000 to $14,000, bringing investors a 350% return before falling back to current prices.

Should a similar breakout and rally follow, Bitcoin could set its sights on setting a new local high. If it’s able to take out its previous all-time high at $20,000, a new bull market will be confirmed and serious FOMO should boost the crypto market to new heights once again.

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.